Questions?
HealthTrust’s Biosimilars / Competitive Biologics Initiative
Biopharmaceuticals play a vital role in treating cancer, immune diseases and other common medical conditions. The research and development process around the manufacturing of these products is expensive, and these products are among the most costly items in a majority of health-system drug budgets. U.S. manufacturers are preparing for expanding biosimilar and competitive biologic market opportunities as this exciting landscape takes shape.
In 2007, the Congressional Budget Office estimated that the creation of biosimilar pathways would reduce total drug expenditures by $25 billion over 10 years, with direct government spending seeing a reduction of $6.6 billion over 10 years. The introduction of biosimilars and competitive biologics in the United States is expected to increase competition, lower prices and improve the affordability of costly biological therapies. Cost savings from 20 to 40 percent1 are projected by using biosimilars instead of innovator branded products.
HealthTrust recognizes the cost savings opportunity the market introduction of biosimilars/competitive biologics will potentially bring to the membership. As a result, it is proactively educating and aligning its membership in preparation for the launch of these products later in 2013. The Biosimilars/Competitive Biologics Initiative is based on optimizing both clinical and financial outcomes with the use of these agents. For HealthTrust to optimize utilization and savings of these product entrants, it will be essential that member facilities are fully engaged in educating and preparing their clinicians and corporate leadership to fully optimize the value of this emerging market opportunity.
To assist members, HealthTrust’s Clinical Pharmacy Services team has developed various clinical tools that provide a comprehensive review of biosimilars/competitive biologics. On this website, members will find a number of resources including useful links, presentations and documents that support education on and implementation of biosimilars/competitive biologics.
1 — Congressional Budget Office Cost Estimate. http://www.cbo.gov/ftpdocs/94xx/doc9496/s1695.pdf